In the context of O2 transport in the lungs, "perfusion-limited" refers to the mechanism by which the transfer of oxygen from the alveolar air into the pulmonary capillary blood is primarily dependent on the blood flow through the pulmonary capillaries.
At rest in a normal individual, the partial pressure of oxygen in the alveoli (PAO2) is approximately 100 mm Hg. The mixed venous blood entering the pulmonary capillaries has a partial pressure